Episode 257 - Stress Less, Laugh More: The Unexpected Joy of Paying Off Debt
In today's post, we explore the profound impact of becoming debt-free and how it can reshape not just your bank account, but your overall sense of well-being. Join us as we delve into the inspiring journey of financial empowerment, shared by Kati Hatfield, a dedicated advocate of debt-free living.
The Epiphany of Debt Reduction
Reflecting on the experience of reducing debt, Kati had a remarkable epiphany. It's more than a numerical achievement; it's about the emotional and mental shift that accompanies financial freedom. Realizing how less debt makes one feel different is a powerful moment. This journey is not just about the end goal but also about celebrating the small victories along the way.
The Long and Winding Road
Kati Hatfield shared her personal journey of paying off over $169,903 in various debts, including student loans, car loans, medical bills, and credit card debt, all on a single income. Her journey to debt freedom has spanned six years and continues to this day. Each milestone reached is a testament to her steadfast commitment and the practical guidance provided by Debt Free Dad.
Tracking Progress to Stay Motivated
Kati emphasizes the importance of tracking progress in the debt-free journey. Thanks to Brad, the founder of Debt Free Dad, and his encouragement to document every step, Kati has been able to witness her success incrementally. Taking a step back and seeing the bigger picture can offer much-needed motivation and a clear view of how far one has come.
The Comfort of Control
One of the most significant changes Kati has experienced is the comfort derived from having savings for emergencies and adhering to a monthly budget. Knowing exactly what's coming in and out of her bank account each day has transformed her financial management. The days of wandering aimlessly through store aisles and splurging impulsively are long gone, replaced by thoughtful, budget-conscious spending.
Finding Joy Amidst Financial Challenges
Financial stress can extinguish even the simplest joys in life, making it harder to laugh and find delight in everyday moments. Shared comically through her own clumsy mishaps, Kati illustrates how financial pressures amplify stress, turning small misfortunes into sources of anxiety. Yet, as she progresses toward debt freedom, the laughter returns, and life’s little hiccups become bearable again.
Prioritizing Family and Memorable Experiences
Kati's journey has also been about enriching the time spent with loved ones. By reassessing spending habits and making budget-friendly choices, she has created precious memories. For instance, treating her sister to a concert was not just about the event itself, but about investing in quality time together. These moments, though often inexpensive, become invaluable.
Finding Balance in Fun and Finances
Debt freedom doesn't mean a life devoid of fun. It’s about making smart, cost-effective choices. Opting for a less frequent but enjoyable outing, engaging in no-cost activities, or having a dinner picnic at home, can significantly contribute to financial wellbeing while still ensuring life's pleasures. By making mindful decisions, Kati has balanced fun and finances, ensuring that her journey isn't one of deprivation but of smart spending.
Encouragement for the Struggling
It's crucial to know you are not alone on this journey. Statistically, six or seven out of every ten people face financial struggles. Debt Free Dad was created to be a supportive community where personal finance struggles can be shared without shame. Here, everyday people exchange tips, ideas, and encouragement. For more resources on financial freedom and to hear inspiring stories like Kati's, continue following the Debt Free Dad podcast and explore their website, debtfreedad.com.
Conclusion
Embarking on the path to debt freedom is undoubtedly challenging, but it brings profound personal and financial transformations. By celebrating small victories, tracking progress, and making mindful financial decisions, you, too, can achieve the peace and joy that come with controlling your finances. Remember, this journey is not just about paying off debt but about reclaiming your life and happiness.
Resources Mentioned
Get better results with your finances in 30-60 days - GUARANTEED. Watch this video to learn how! - https://www.debtfreedad.com/payoff-debt-in-60-to-90-days
- The Totally Awesome Debt Freedom Planner
- For more help, and a step-by-step process to get started, enroll in Brad's FREE online course, LIFE WITHOUT PAYMENTS.
Free Tools and Downloads at www.debtfreedad.com
Connect With Brad
- Website - https://www.debtfreedad.com
- Facebook - https://www.facebook.com/thedebtfreedad
- Private Facebook Group - https://www.facebook.com/groups/lifewithoutpayments
- Instagram - https://www.instagram.com/debtfreedad/
- TikTok - https://www.tiktok.com/@debt_free_dad
- YouTube - https://www.youtube.com/@bradnelson-debtfreedad2751/featured
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Episode Transcript:
Kati:
Have you ever felt like something is off but you can't quite put your finger on exactly what it is? I had an epiphany recently about how having less debt makes me feel different. Stay tuned and see if you can relate. Thank you for listening to the Debt-Free Dad podcast, where we help you take control of your finances so you can live a happier, less stressful life. I am Katie Hatfield, your host for today's episode, and I've been on my journey to debt freedom for six years now to $69,903 in student loans, car loans, medical bills, credit card debt and that's all on a single income. Wow, every time I track my progress on this journey, I am shocked by the numbers. I am so glad that Brad, the founder of Debt-Free Dad, encourages everyone to track your progress, because when you're working little by little, day by day, you don't really feel how far you've truly moved that needle. You need to take a step back every so often, zoom out, see the bigger picture. That giant boulder of debt that you've just been chiseling away at is actually getting smaller. That's also why we celebrate those steps along the way, not just when you pay off your car or that credit card balance, but when you have an extra $20 and you put it in savings instead of aimlessly wandering the aisles at the store and squandering it, which was me at Target for many years.
Kati:
So yesterday I woke up to my alarm. Even though I needed to get ready for work. I decided to crawl back into bed for 20 minutes and yes, I did set an alarm again, just in case. But as I was snuggling back under the blankets I had a pretty random but I feel like fairly significant thought. I love how much I genuinely laugh again. So you have to understand that I think my life tends to be a constant comedy of errors. Just here to entertain others, crazy and funny things just happen to me. So I laugh a lot, sometimes not until after the fact, because you know, hindsight is 20-20. But I come from a family that is lovingly playful. Joking and teasing sarcasm just laughter is a sweet medicine for the soul.
Kati:
But if you are stressed out and feeling burnt out, especially when it comes to your finances, it's harder to find things to laugh about sometimes. So you're busy trying to figure out where the money is going to come from to cover your bills, or you're working hours, picking up another shift or a second job to bring in extra income and you have less time to relax, like you fall into bed every night, exhausted, one day after the other. And when you do decide to go out and splurge on ice cream, only to have it spill all over the front seat of your car. Or you drop your laptop and it doesn't quite close right anymore and you're starting to look at the cost of replacing it right anymore, and you're starting to look at the cost of replacing it. Or you trip over a silly curb and really mess up your knees so you need crutches, x-rays, an MRI therapy and all those medical bills are really starting to add up quick. Okay, so maybe I'm just admitting how clumsy I really am and for my friends and family that's not really a secret. But when you're already feeling the pressure of having more month than money and you're living direct deposit to direct deposit, those little things that should make you shake your head and at least chuckle a little really have you feeling panicked and anxious.
Kati:
I have been in that space so many times. I understand how it feels and I have been plugging along just making that conscious effort to change my habits and behaviors and watching where I walk over the last six years and again. I can't believe. It's been six years already and I probably have about two years left to go. But the difference now, even though I still have debt to pay off, I have savings for emergencies. I have a monthly budget. I look at my finances every day so I know what's coming in and out of my bank account. I'm not just haphazardly wandering the aisles of Target anymore and when I do go shopping, I have a list that I try to stick to and never, ever, go shopping on an empty stomach. Poor and costly choices tend to be made when that happens. But when I do decide to go out for a night out with my friends, I've got money in the budget for fun. So I'm not stressing about it. I'm actually being present and enjoying the time with my friends.
Kati:
I recently took my little gone to a concert together. It was a great night, lots of new memories and laughing, and the price of the concert was actually pretty minimal. But compared to that priceless time together, I'll just be honest that while I used to splurge and be right up front leaning against the stage, the older I get, the more I do appreciate having an actual seat to sit in and I'm wearing my comfy shoes. Function over fashion is my motto. It does make the next day a little more enjoyable and saves your hearing too.
Kati:
But the path to a life without payments does not mean you have to give up all things fun. It might just be a short-term temporary period where you really evaluate where your money is going. And if you usually go out, let's say on Friday and Saturday nights, what if you just pick one night to stay in or pick something to do that doesn't cost as much? There's a lot of really creative ways to have a date night in or out of the house, and there's lots of free activities going on throughout the summer especially, but all seasons. No matter where you live. You can Google free things to do in your city, and there's probably a number of things that you might not have thought of doing before. So what if you stop grabbing dinner at the drive-thru every week and save that money for one nice dinner out every month, or the money you could save and the memories you could make with your family by making dinner at home together, have a picnic in the backyard or on the living room floor if it's too hot or too cold out. And when's the last time you all looked up from your screens and built a proper pillow fort.
Kati:
Adults, you can do this too, not just for kids. When I was a kid, we usually had one night a week I think it was Fridays or Sundays where we got to have frozen pizza for dinner. We popped popcorn and enjoyed a family-friendly show or movie on TV, and it was probably a VHS tape that we had seen a dozen times already. But now that I'm an adult, I'm pretty sure my parents did that because they were exhausted and they didn't want to cook dinner that night, and it kept us kids quiet for an hour or so. But I might not remember what we watched, but I definitely still look back at those nights as cherished family memories. And, of course, when I don't feel like cooking, I always have a frozen pepperoni pizza ready to go.
Kati:
But if you're feeling that stress and pressure also, please know you are not alone. Out of every 10 people, about six or seven are also struggling with their finances. Seven are also struggling with their finances. But since money can be such a taboo topic that we're embarrassed to talk about with family or friends, the Debt-Free Dad was really created to be a place for everyday people to share that struggle. Share some tips with each other, ideas that can help each other out and not feeling ashamed, not feeling alone. So if that's you, please keep listening to our podcast and check out more resources available on debtfreedad.com. Until next time, take care.
